The demand function for a product is modeled by p = 400 – 4x, 0 < x < 100, where p is the price per unit (in dollars) and x is the number of units. (a) Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) elastic demand inelastic demand Determine when the demand is of unit elasticity. (Enter your answers as a comma-separated list.) X = (b) Use the result of part (a) to describe the behavior of the revenue function. (Enter your answers as a comma-separated list.) The revenue function ---Select--- then is flat at x = and then --Select--- v.
The demand function for a product is modeled by p = 400 – 4x, 0 < x < 100, where p is the price per unit (in dollars) and x is the number of units. (a) Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.) elastic demand inelastic demand Determine when the demand is of unit elasticity. (Enter your answers as a comma-separated list.) X = (b) Use the result of part (a) to describe the behavior of the revenue function. (Enter your answers as a comma-separated list.) The revenue function ---Select--- then is flat at x = and then --Select--- v.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The demand function for a product is modeled by p = 400 – 4x, 0 < x < 100, where p is the price per unit (in dollars) and x is the number of units.
(a) Determine when the demand is elastic and inelastic. (Enter your answer using interval notation. If an answer does not exist, enter DNE.)
elastic demand
inelastic demand
Determine when the demand is of unit elasticity. (Enter your answers as a comma-separated list.)
X =
(b) Use the result of part (a) to describe the behavior of the revenue function. (Enter your answers as a comma-separated list.)
The revenue function
-Select--- v
then is flat at x =
and then
--Select--- v
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